Are we finally going to see caps on energy prices? One of the keynote plans from Theresa May’s speech at October’s Conservative Party conference was to make energy prices fairer by setting a cap on standard variable tariffs.

“The energy market punishes loyalty with higher prices and the most loyal customers are often those with lower incomes, the elderly, people with lower qualifications and people who rent their homes.”

Energy prices have increased by more than three times the rate of inflation for customers of the largest firms, but May promised the Conservative Party’s plans would “bring an end to rip-off energy prices once and for all.”

However, millions of people currently on cheaper energy deals could face a sudden increase due to the cap, while the new plan gives energy regulator OFGEM the power to reset the cap every six months as energy supplier costs change - so the actual price caps may only be only short-term.

The plans for a ‘price freeze’ are similar to those set out by Ed Miliband’s Labour manifesto in 2015, which put a cap in place. However, as with Labour’s 2015 proposals, many in the energy industry think that it will reduce competition and weaken energy investment.

Why switch energy provider?

In 2016 almost five million people changed their energy supplier, a record high and up a quarter on 2015’s figures. However that still leaves several million that remain on the same tariff year after year.

While many of us search the market for a better deal when our insurance deals are up for renewal, far fewer people look to compare gas and electricity deals to see if they can get a better one.

Many customers loyalty, or reluctance to change, means they stay on the same tariff despite cheaper deals entering the market - or they remain with the same provider but end up paying more each month for the same thing.

Doing an energy switch could save you hundreds of pounds, with tariffs changing frequently and companies trying to get customers from their rivals and maintain their loyalty.

Don’t miss the Autumn Big Telegraph Switch - register now before 16 October

Our 2017 Big Telegraph Switch is now open. You have until 16 October to register for us to bring you the cheapest deal by auction from the UK's leading energy suppliers thanks to our Energy Helpline collective switch. We will then contact you after 17 October with the winning tariff inviting you to switch with with no obligation.

As previously we will of course display the winning tariff in context of the whole market to ensure you have the full picture.

Anyone who signs via Telegraph Energy Switching during this time will be eligible for a collective deal on their gas and electricity. We’ve partnered with Energy Helpline to help you switch today to find the cheapest deal on the entire market.

In our last collective switch, our winners cost just £865 for dual fuel at average usage, with a monthly direct debit. 10% of Telegraph collective switchers saved £511 or more in the three-month period.

Could you save £723 like Robert Davies?

Telegraph reader Robert Davies managed to save a whopping £723 from his annual energy bill by using our Big Telegraph Switch collective campaign.

Mr Davies said:

“With my old supplier I experienced a large spike in my monthly bill, which my supplier couldn’t explain. My bill kept increasing so I thought it was time for a change.”

“I noticed the collective campaign advert in the Telegraph so I decided to register. Once the deal was announced it was really simple to switch, and I would recommend it to anyone looking to reduce the cost of their household bills.”

He added:

“I did a quick internet comparison and switched to the exclusive collective winning tariff from British Gas. I’ve now seen a decrease in the cost of my monthly direct debit, and I’m estimated to save £723 over the next year.”

How to take part in the Big Telegraph Switch

If you also feel that you are paying too much for the energy you use, here’s what to do:

It takes just a few minutes to complete the basic registration to join our cheaper energy club, and compare the whole of the market, with our Big Telegraph Switch. Once we have secured a winning tariff, we will contact you with details of a no-obligation offer to switch.

Join the Big Telegraph Switch for FREE by the 16 October 2017 deadline to see how much you could save on energy with a cheaper collective deal.